Current Affairs 2 February 2022

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NATIONAL AFFAIRS

Ministry of Heavy Industries Notifies Phase II of Capital Goods Scheme Ministry of Heavy Industries (MHI) has notified “Scheme on Enhancement of Competitiveness in the Indian Capital Goods Sector- Phase-II” for providing assistance to Common Technology Development and Services Infrastructure with the financial outlay of Rs. 1207 crores.

• Out of the total financial outlay, the budgetary support will be Rs 975 crore and the remaining Rs 232 crore would be the contribution from industry.
• The objective (phase II) –  To enhance the competitiveness of the capital goods sector that contributes at least 25 percent to the manufacturing sector and also to expand and enlarge the impact created by phase I pilot scheme.

About the Scheme:
There are six components under the Scheme for Enhancement of Capital Goods Sector Phase II, namely:

• Identification of Technologies through Technology Innovation Portals;
• Setting up of four New Advanced Centres of Excellence and augmentation of Existing Centres of Excellence;
• Promotion of skilling in Capital Goods Sector–creation of Qualification packages for skill levels 6 and above;
• Setting up of four Common Engineering Facility Centres (CEFCs) and augmentation of existing CEFCs;
• Augmentation of Existing Testing and Certification Centres;
• Setting up of ten Industry Accelerators for Technology Development.

Click here to know more about the guidelines.

Ministry of Heavy Industries:
Union Minister – Dr. Mahendra Nath Pandey (Chandauli, Uttar Pradesh)
Minister of State – Krishan Pal Gurjar (Faridabad, Haryana)
According to the Centre, the total Funds utilised under the Scheme on ‘Enhancement of Competitiveness in Indian Capital Goods Sector’ in the financial year 2020-21 is ₹54.22 crore.

Russia delivers Initial batch of 70,000 AK 203 rifles to Indian Armed Forces

The Indian Armed Forces received the first batch of 70,000 Ak-203 Kalashnikov assault rifles from Russia, which will be commissioned into the Indian Air Force. The Rs. 5,124 crore worth contract for this procurement was signed on 6 December 2021  between India and Russia, under which Indian Armed Forces  placed an order for 670,000 rifles, with 600,000 of them for the Indian Army.
Key Points:
i.The  first batch of rifles is delivered and it is likely to be used by the air force.
ii.The remaining 600,000 rifles will be manufactured by an Indo-Russian joint venture company, Indo-Russia Rifles Private Limited (IRRPL), at Amethi factory (at Korwa Rifle Factory), Uttar Pradesh  under Transfer of Technology (ToT). 
iii.The lightweight AK-203 Rifles will succeed  the military’s in-service INSAS (Indian Small Arms System) Rifle.
About Russia:
Capital- Moscow 
President-Vladimir Putin
Currency-Russian ruble

PM Modi Addressed NCW’s 30th Foundation Day – 31st January 2022

Prime Minister (PM) Narendra Modi virtually addressed the programme organised on the occasion of the 30th Foundation Day of the National Commission for Women (NCW).
The theme of the programme was “She – The Change Maker”. 

• The NCW was set up as a statutory body in January 1992 under the National Commission for Women Act, 1990 (Act No.20 of 1990 of Govt. of India) to review the Constitutional and legal safeguards for women.
• The First Commission was constituted on 31st January 1992 with Jayanti Patnaik as the Chairperson. 

INTERNATIONAL AFFAIRS

World’s largest canal lock ‘Zeesluis Ijmuiden’ inaugurated in Ijmuiden, Netherlands

The world’s largest canal lock namely ‘Zeesluis Ijmuiden’ has been inaugurated at Ijmuiden, a small port city in the Port of Amsterdam, The Netherlands, by the Dutch King Willem-Alexander. This 500-meter (1,640-feet) long and 70-meter wide canal lock & Canal is 18 meter deep & canal has replaced the smaller, nearly 100-year-old Noordersluis (northern lock) at Ijmuiden which was built in 1929.

• The outlay of the newly built canal lock went over the initially planned budget by around €300 million ($338 million).

Key Points:
i.It is designed to allow large, modern cargo ships to reach the port of Amsterdam.
ii.The structure is also deep enough that ships will no longer have to wait for a favourable water level to enter the canal. 
iii.With almost nine meters above the sea, it also shields the threat of flooding.
iv.The Netherlands is famous for its canals, with its capital city, Amsterdam, having 165 canals.
About the Project:
The Zeesluis IJmuiden project is a partnership between the covenant parties the Ministry of Infrastructure and Water Management, the province of North Holland and the municipality of Amsterdam, together with Port of Amsterdam and the municipality of Velsen. Sea lock IJmuiden was built by contractor consortium OpenIJ on behalf of Rijkswaterstaat. The project is co-financed by the European Union’s CEF (Connecting Europe Facility) fund.

Dubai to launch World’s first Hydrogen-powered Flying Boat ‘The Jet’ 

On 31 january 2022, THE JET ZeroEmission announced the launch of the World’s first hydrogen powered flying boat ‘THE JET’ in Dubai, United Arab Emirates (UAE). THE JET will have its inaugural flight during the COP28, which is scheduled to be held in Dubai, UAE in 2023.
Signatories: 
This announcement comes as a result of the agreement signed between Swiss startup THE JET ZeroEmission, UAE-based Zenith Marine Services and US-based DWYN to manufacture and operate ‘The Jet’ in Dubai.
Highlights: 
i.The boat is equipped with two fuel cells and an air conditioner as well as other clean-tech, environmentally friendly technologies that help reduce carbon emissions.
ii.The boat can silently fly over the waters at a cruising speed of 40 knots and also has a capacity of carrying 8-12 passengers.

About Hydrogen:
Hydrogen, with atomic number 1, is the lightest element and hence escapes towards the upper atmosphere very easily. That’s why hydrogen is rarely found in its pure form.
Types of Hydrogen

•  Green hydrogen is produced by electrolysis of water using renewable energy (like Solar, Wind) and has a lower carbon footprint.
• Brown/Black hydrogen is produced using coal where the emissions are released to the air.
• Grey hydrogen is produced from natural gas where the associated emissions are released to the air.

• Blue hydrogen is produced from natural gas, where the emissions are captured using carbon capture and storage. It is low carbon or carbon neutral hydrogen.

National Hydrogen Mission (NHM)of India:
It aims to cut down carbon emissions and increase the use of renewable sources of energy and focus on generation of hydrogen from green power resources.
Launched- 15 August 2021
Hydrogen production
i.Hydrogen can be produced by several processes such as Thermochemical Processes, Electrolytic Processes, Direct Solar Water Splitting Processes, Biological Processes.

• But it is generally produced from methane or by electrolysis of water. 

ii.Hydrogen is predominantly produced from fossil fuels by steam reforming, coal gasification or by partial oxidation of Methane. 
Note- Fukushima Hydrogen Energy Research Field in Japan, is the world’s largest hydrogen-production facility.

BANKING & FINANCE

RBI: Bank’s Non-food Credit Growth Increased to 9.3% in December 2021 

As per the Reserve Bank of India’s (RBI) data on ‘Sectoral Deployment of Bank Credit – December 2021’ the bank’s non-food credit registered a growth of 9.3 percent (on a year-on-year (y-o-y) basis) in December 2021 as compared to 6.6 percent in December 2020.

Highlights of the sectoral deployment of bank credit:

Vedanta ties up Rs 8,000-cr facility with Union Bank of India to take over Majority of Syndicated Facilityi.Vedanta Ltd has tied up a facility of Rs 8,000 crore (replacement facility) with Union Bank of India at 7.75% to take over a majority of the syndicated facility after multiple discussions with potential lenders.
ii.This replacement facility was availed on December 28, 2021 to take over the existing Syndicated facility to reduce the overall interest cost of the company and to prepay high-cost debt raised at over 10% two years ago.
About Vedanta Limited:
It is an Indian multinational mining company.
Chief Executive Officer– Sunil Duggal
Headquarter- Mumbai, Maharashtra
>> Read Full News

SBI & Tata Power Partners for Financing Solar ProjectsOn 31 January 2022 State Bank of India (SBI) signed an agreement with Tata Power Solar Systems for financing solar projects.

• SBI has also set up a dedicated centralised processing cell – ‘Surya Shakti Cell’, at the Ballard Estate in Mumbai, Maharashtra.
• Objective – To provide a new direction to solar projects financing in India.

About the partnership:
i.The partnership is in line with the global objectives of the Conference of Parties 26 (COP26) Agreement in reducing the carbon footprint.
ii.The Surya Shakti cell will process all the loan applications for solar projects (with a capacity of up to 1 MegaWatt) sourced from across India for solar installation by business entities and households.
iii.SBI aims to provide an end-to-end digital platform to loan applicants for financing solar projects.

• SBI will also offer a complete solution at competitive rates for solar projects.

About State Bank of India (SBI):
Establishment – 1 July, 1955
Headquarters – Mumbai, Maharashtra
Managing Director (MD) – C.S. Setty, Ashwani Bhatia, Swaminathan.J, Ashwini Kumar Tewari
Chairman – Dinesh Kumar Khara

Banks to Transfer 15 NPA Accounts worth Over Rs 50,000 crore to NARCL in FY22As per the statement of State Bank of India’s (SBI) Chairman Dinesh Kumar Khara, Banks will be transferring 15 stressed assets (i.e. Non-Performing Asset (NPA) accounts) aggregating worth over Rs 50,000 crore by March 31, 2022 (i.e. within FY22) to the National Asset Reconstruction Company Ltd (NARCL)/bad bank to clean up their books.

• The initial 15 stressed (each above Rs 500 crore) account for 60 percent of the 38 identified stressed assets worth around Rs 82, 845 crores(~Rs.83000 Crores), which was agreed by Banks to be transferred to NARCL.

The Process:
i.Once the bad loans are transferred to NARCL, a trust will be set up for each loan account, and the debt resolution will be handled by India Debt Resolution Co. Ltd (IDRCL), which will not carry any balance sheet (The balance sheet will be with the NARCL).
ii.IDRCL will handle the resolution process under an exclusive arrangement.
iii.NARCL will acquire the identified assets by paying the lenders with 15 percent of the acquisition value in cash and 85 percent via Security Receipts (SRs).
About National Asset Reconstruction Company Ltd (NARCL):
i.NARCL was created in collaboration with both Public and Private Sector Banks (PSBs), and Indian Banks’ Association (IBA) to aggregate and consolidate stressed assets for their subsequent resolution.
ii.51 percent of NARCL will be owned by PSBs and the remaining by private-sector lenders.
>> Read Full News

ECONOMY & BUSINESS

Indian Economy Contracts by 6.6% in 2020-21: NSO dataOn 31 January 2022 The National Statistical Office (NSO),  Ministry of Statistics and Programme Implementation (MoSPI) released the First Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for the financial year 2020-21

• The data showed that the Indian economy contracted by 6.6 percent in 2020-21 as against the earlier estimate of 7.3 percent in May 2021.
• The NSO has also revised downward the real Gross Domestic Product (GDP) growth number for 2019-20 to 3.7 percent as against the earlier estimate of 4 percent.

Previous Estimation: Under the 1st revision released in January 2021, real GDP or GDP at constant (2011-12) prices for 2019-20 stood at Rs 145.69 lakh crore with 4 percent growth.
About Ministry of Statistics and Programme Implementation (MoSPI):
Ministers of state (independent Charges) – Rao Inderjit Singh (Gurugram, Haryana)
>> Read Full News

BEL signs agreement with Hyperion Global Group to supply IoT devices in US market

On 27 January 2022, Bharat Electronics Limited (BEL) signed a partnership agreement with Hyperion Global Group, to manufacture and supply Internet of Things (IoT) devices for the US (United States) market.
Key points:
i.Through the agreement, BEL will manufacture and supply IoT devices worth US $73 million to Hyperion during the first year of commencement.

• The agreement has the provision of negotiation of  supply and supply upgradation upto US $365 million, for the next five years.
• It would be strategically implemented in a six-phase strategy to meet its customer demands

ii.BEL, India’s leading defense electronics manufacturing company and Hyperion Global Group is an infrastructure telecommunication distribution company of US.
About Bharat Electronics Limited (BEL): 
CMD & Director-  Anandi Ramalingam
Established- 1954
Headquarters- Bangalore, Karnataka
About Hyperion Global Group:
CEO- Nick Studebaker
Headquarters– Texas, United States

AWARDS & RECOGNITIONS    

PR Sreejesh becomes 1st Indian man to win World Games Athlete of the Year 2021 Award

Veteran India hockey goalkeeper Parattu Raveendran (PR) Sreejesh (33) from Kerala won The World Games Athlete of the Year 2021 for his performances 2021. With this he became the 1st Indian man & 2nd Indian to receive this accolade after Indian women’s hockey captain Rani Rampal who became the first Indian to win this in 2020.

• He will receive a trophy and prize from the official sponsor of The World Games Athlete of the Year i.e.i Protective Life. 

Key Points:
i.For this award, he has surpassed Alberto Gines Lopez (Climber) of Spain and Italy’s wushu player Michele Giordano. He has grabbed 1,27,647 votes, whereas Alberto and Michele Giordano accumulated 67,428 and 52,046 votes respectively.
ii.He was the only Indian nominated and was recommended by the International Hockey Federation (FIH).
iii.In the FIH Stars Awards in October 2021 , PR Sreejesh was named as the Goalkeeper of the year 2021.
iv.He has represented India in 244 senior international matches.

APPOINTMENTS & RESIGNATIONS    

Portugal PM Antonio Costa Re-elected with Absolute Majority

The Socialists party led by Antonio Costa, the current Prime Minister (PM) of Portugal, has secured 117 seats out of 230 seats in the country’s Parliament, to secure an absolute majority victory in the recently concluded snap elections. 

• His Socialists Party has received 42 percent of the vote out of around 99 percent of the votes counted till now. 

About Antonio Costa:
i.António Luís Santos da Costa was born in 1961 in Lisbon, Portugal.
ii.He is a Portuguese lawyer and politician serving as the Prime Minister of Portugal since 2015.
iii.Previously, he was serving as the Secretary of State for Parliamentary Affairs (1995 to 1997), Minister of Parliamentary Affairs (1997 to 1999), Minister of Justice (1999 to 2002), Minister of Internal Administration (2005 to 2007), 
About Portugal:
i.In 1498 Portuguese traveler Vasco da Gama reached Calicut in the Malabar Coast. 
ii.In 1503, the first Portuguese fort was established at Cochin (now known as Kochi), Kerala.
iii.Goa was captured from the Bijapur Sultanate Adil Shah by Alfonso Albuquerque and in 1530 Goa declared as the capital of Portuguese India. 
President– Marcelo Rebelo de Sousa 
Capital- Lisbon
Currency- Euro 

ACQUISITIONS & MERGERS        

NVVN Acquires 5 Percent Stake in Power Exchange of India

NTPC Vidyut Vyapar Nigam (NVVN) Limited, a wholly owned subsidiary of NTPC Limited has acquired a 5 percent equity stake in Power Exchange of India Limited (PXIL).

• NVVN has purchased these shares from the National Stock Exchange (NSE) Investments Limited (NSE Investments), a co-promoter shareholder of PXIL.

About NVVN:
Establishment – 2002
i.NVVN, one of the top power traders in India was formed by NTPC Limited, India’s largest power generator and a Maharatna Company.
ii.NVVN holds the highest Category-I power trading licence in terms of latest Central Electricity Regulatory Commission (CERC) regulations.
About PXIL:
Establishment – 2008
i.PXIL is India’s 1st institutionally promoted power exchange, promoted by NSE Investment Limited & National Commodity & Derivatives Exchange (NCDEX) Limited for providing innovative and credible solutions.
Keynote:
i.PXIL and India Energy Exchange (IEX) are the two power exchanges in India
ii.As per Central Electricity Regulatory Commission (CERC) norms, a trading member’s can hold upto 5 percent shareholding in the power exchange whereas a non-member can hold up to 25 percent
Power exchange in India:
i.Out of about 1,381 billion units (BU) of electricity consumed in India, only 7 percent is traded on the power exchanges.
ii.A power exchange can be equated to commodity exchanges and provides a platform for buyers and sellers of electricity to enter into spot agreements for power exchanges on the same day, coming day, and on a weekly basis up to 11 days.
About Central Electricity Regulatory Commission (CERC):
i.CERC, India’s apex power sector regulator is a statutory body functioning under section-76 of the Electricity Act 2003.

• CERC was initially constituted under the Electricity Regulatory Commissions Act, 1998 on 24th July, 1998

ii.CERC has permitted Pranurja Solution Limited led by BSE Limited, PTC India Limited, and Industrial Credit and Investment Corporation of India (ICICI) Bank to start India’s third power exchange.
About NTPC Limited:
Establishment – 1975
Headquarters – New Delhi, Delhi
Chairman & Managing Director (CMD) – Gurdeep Singh

SPORTS

Asian Games 2022 to Feature 40 Sports; Cricket to be Back After 11 years

Asian Games 2022(19th edition), the multi-sporting event which is set to take place from 10th to 25th September 2022 in Hangzhou, Zhejiang, China will feature 40 sports with a total of 61 disciplines including several Olympic Sports. Cricket (in T20 format ) is set to be featured in the Asian Games after 11 years.

• Following the approval from the Olympic Council of Asia (OCA), E-sports and breakdancing will debut in the 2022 Asian Games. 
• India, a member of the South Asian Zone of the OCA, is one of the 7 countries that have competed in all the editions of the Asian Games.
• Sony Pictures Networks India, (SPN), has acquired the exclusive rights for the 2022 Asian Games from November 2021 to September 2023. 

OBITUARY

Senior Advocate & ASG Rupinder Singh Suri Passed Away

Senior advocate Rupinder Singh Suri who has been serving as the Additional Solicitor General(ASG) of India, Supreme Court of India since 2020, has passed away in New Delhi, Delhi. 
He hails from Hoshiarpur, Punjab
Note:
ASG is a law officer of India and is the 3rd ranking lawyer of the Government of India
ASG is governed by Law Officers (Conditions of Service) Rules, 1987.
About Rupinder Singh Suri:
i.Rupinder Singh Suri was designated as a senior advocate in 2009 and in June 2020, he was appointed as the Additional Solicitor General (ASG). 
ii.He started his career in 1976 and founded Suri & Co. legal in 1984. 
iii.He has also served as the President of the Supreme Court Bar Association and the Supreme Court Advocates on Record Association. 
iv.He has also served as the standing counsel in the Supreme Court for the state of Punjab for a period of 15 years. 
v.He has also served as the Secretary-General of INSOL India, a federation for accountants and lawyers.
vi.He has been an active member of the International Bar Association and he has also served as National Representative of India since 2019. 

BOOKS & AUTHORS

M.R. Sharan Authored a New book titled ‘Last Among Equals’M.R. Sharan, Assistant Professor at the University of Maryland, has authored a new book titled “Last Among Equals: Power, Caste & Politics in Bihar’s Villages”. The book is an account of the field study by MR Sharan, in a group of Villages in Bihar that he undertook as a part of this PhD Programme. 
The book is published by Context.
About the book:
The book is centred around Sanjay Sahni, an immigrant from Bihar making out a comfortable living as an electrician in Delhi, who heads back to Bihar to organize a group of villagers to fight against corruption and leakages in the MGNREGA(Mahatma Gandhi National Rural Employment Guarantee Act) Scheme. 
About M.R. Sharan:
M.R. Sharan’s novel, Blue, was published in 2014. His writings have appeared across various publications, including the Economic and Political Weekly, The Hindu, The Times of India and The Economic Times.

India’s First-Ever Season Style Book Titled ‘The Class of 2006’ by Akash Kansal

India’s first-ever season style book titled ‘The Class of 2006: Sneak Peek into the Misadventures of the Great Indian Engineering Life’, written by Akash Kansal a management professional. The book was virtually launched at one of the biggest book launch ceremonies at IIT Kanpur, & Delhi Technological University. 
About the Book:
i.The Class of 2006: Sneak Peek into the Misadventures of the Great Indian Engineering Life consists of 18 different episodes that recall the times spent in College. 
ii.The book was released on Amazon Kindle by R. Madhavan, an Indian film actor, writer, director, and producer. 
About Akash Kansal:
i.Akash Kansal is a Faculty of Management Studies(FMS) and one of the most successful management professionals in India.
ii.He is working in the  Consumer Internet in Product Management and heads the strategic marketplace products and Fintech programs at Droom, India’s largest automotive E-commerce marketplace.

IMPORTANT DAYS

NPCI observes UPI Safety and Awareness Week on February 1-7, 2022

The National Payments Corporation of India (NPCI) has announced the observance of ‘UPI Safety and Awareness Week’ on February 1-7, 2022 and the whole of February as ‘UPI Safety and Awareness Month’.  UPI stands for Unified Payments Interface.

• Along with NPCI, it will also be observed by leading banks and fintechs.

Key Points:
i.This initiative aims to raise awareness among consumers, mainly the vulnerable and first-time customers to overcome the fear regarding adoption of digital payments, and to guide them to pursue safe payments on the UPI platform.
ii.This initiative will cater to the vision of Indian Government and Reserve Bank of India (RBI) to make India a cashless society.

• It will also aid in adding the next 300 million users on digital payments and processing Billion transactions a day on UPI platform over the next 3 to 5 years.
• This is more than a doubling of the current base of 25 crore users and an increase in the number of transactions from the current level of 450 crore a month. 
• NPCI planned to increase the number of transactions to 100 crore a day in three-five years.

iii.UPI is 100% safe and secure unless the user shares the confidential details.
The key retail payment products of NPCI include RuPay card, Immediate Payment Service (IMPS), UPI, Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag) and Bharat BillPay.

Indian Coast Guard celebrates 46th Raising Day – 1st February 2022Indian Coast Guard Day is annually observed across India on 1st February to commemorate its Raising Day of the Indian Coast Guard(ICG), operating under the Ministry of Defence.
1st February 2022 marks the observance of the 46th Raising Day of the Indian Coast Guard.
Indian Coast Guard is the 4th Largest Coast Guard in the World. 
Background:
i.On 1st February 1977, the Interim Indian Coast Guard was established to prevent seaborne smuggling of goods. 
ii.ICG was established by the Coast Guard Act, 1978 of the Parliament of India.
iii.The Indian Coast Guard was formally inaugurated by the then Prime Minister(PM) Morarji Desai on 19th Aug 1978.
About Indian Coast Guard:
Director-General– Vs Pathania, PTM, TM
Headquarters– New Delhi, Delhi.
Motto– “Vayam Rakshamah” – We Protect
>> Read Full News

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